The poor performance of the construction sector has led to the UK economy shrinking by a greater amount than before. Titan Construction Insurance is arguing that the sector needs viable help from the UK Government before too many jobs and skills are lost to a once vibrant industry.
The Office for National Statistics lowered its original estimate of GDP growth to 0.3%, from 0.2%. The downgrading, says Titan Construction Insurance, was blamed squarely on the shoulders of the industry which is suffering during the current downturn.
The output of the construction sector fell by 4.8% in the quarter under review; down 1.8% from the initial estimate of 3%.
There now needs to be a concerted strategy which sees the Government not only starting large infrastructure projects says Titan Construction Insurance, but also kick starting public sector projects such as schools and community centres.
Chief Executive Officer of Titan Construction Insurance, Basil Tsapralis, said:
“We are in a miserable mood about the state of the construction sector and the only bright spot we can cling on to is the view from some market analysts that the downturn in the industry is not as bad as feared. Many commentators do not trust the official figures which they say do not accurately reflect the true situation. They argue that construction did not do as badly as estimated by the ONS, which means that overall, the economy is not doing as badly as announced. Only time will tell who is right.”
Titan Construction Insurance has a reputation for providing its clients with the most competitive prices and strong sales support services.
If you’d like to discuss your cover, please call our Construction Team on 0207 731 3700 or drop us an email.
